Gold futures ended lower on Monday as polls showed centrist candidate Emmanuel Macron easily beating anti-EU stalwart Marine Le Pen in the May 7 French presidential election. Macron emerged as the top vote-getter in yesterday's first round of the French electoral process. A victory for Macron next month would likely mean the status quo for the EU and euro currency. However, some losses were capped as the dollar slipped against a basket of major currencies and simmering geopolitical tensions in North Korea and the Middle East.
Crude oil futures traded marginally lower on MCX as investors and speculators exited their positions in the energy commodity as API report showed that US crude inventories grew by 8,97,000 barrels in the past week to 532.5 million barrels. Besides, record supplies in the rest of the world, lost traders’ confidence that pledged output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and a group other producers including Russia will rein in oversupply.
Comex copper futures ended higher on Tuesday, while London copper prices too rose as risk appetite continued to strengthen following centrist Emmanuel Macron's victory in the first round of the French presidential election on Sunday, though gains were capped by worries over demand in China.
Technical Level
Gold
Yesterday we recommended selling in gold around 29020 if crashed and made low of 28660.
Now what to expect??
Trend still looking weak and could test it's support. Close below 28600 will take to 28450---28200 and then to 28050 mark.
Hurdle at 28850---29000
Silver
Too recommended selling in silver around 41000, we booked full profit around 40400
Now what to expect?
Support at 40150---39800. Break and sustain below 40150 will take it to 40000—39800. Break and close below 39800 for two consecutive weeks then we will expect sharp downside fall in it.
Immediate hurdle at 40700---41200
Crude Oil
Below 3170 panic remain continue till 3130—3080 mark.
Resistance and Stop loss above 3210
Natural Gas
Above 205, it can touch 209—212 and then to 215++ mark in days to come.
Fresh selling can be initiated below 201.50 mark only
Copper
Support at 360—356 and resistance at 368
Above 368 will take it to 371—373 and then to 378+ mark in days to come.
Else could touch its support level of 360—356 again.
Trade with levels only
Economic Data
08:00 P.M Crude Oil Inventories: Previous -1.0M, Forecast -1.1M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa
